Price of cocoa beans to increase steadily

The price of cocoa beans is anticipated to rise steadily until 2020 following a reduction in global supply, says the Malaysian Cocoa Board (MCB) director general Lee Choon Hui.

Cocoa beans Malaysian Cocoa Board (MCB) director announced

Mr. Hui said the cocoa market is expected to strengthen as a global deficit of 85,000 tonnes of cocoa beans is anticipated.

"The price is now more than RM9,000 per metric tonne and is expected to further strengthen to RM11,723 (US$3,664) by 2018 with the world expected to experience a shortage of one million metric tonnes in 2020. So, there is money. All we need is hard work with the world seeking more chocolate and more dark cocoa."

Minister of Plantation Industries and Commodities Datuk Amar Douglas Uggah Embas said the price of cocoa beans has been standardised throughout the country. He said previously the price of cocoa beans was RM5,000 per metric tonne in Sarawak whereas in Sabah, it was RM8,000. "Now the price is standardised, that is RM9,500 per metric tonne."

Malaysia at present imports 300,000 metric tonnes of cocoa beans from various countries as local production is only at about 3,000 metric tonnes a year. ■